Machine Learning (ML) and Artificial Intelligence (AI) are among the most frequently used phrases in business today. In simple terms, machine learning entails a machine or system using processes and algorithms to learn a solution to a problem, while AI mimics human intelligence to do the same. It’s more complex than this explanation but adopting some of these technologies today will give your business the early-mover advantage with years of benefits.

Here are some advantages:

Data-driven Insights: Unleash AI and ML on vast and complex datasets to organize and extract valuable business and marketing insights. Every business collects a huge amount of data and using AI and ML can help businesses use that data to make better decisions.

Customer Engagement: Use Chatbots and email solutions to provide round-the-clock, personalized assistance to your customers through your communications mediums. AI uses predictive analytics and ML uses consumer data to provide better support to your customers.

Efficiency and Automation: Implement AI and ML on the admin and organizational level to reduce time spent on repetitive, laborious tasks to improve overall organization productivity and reduce errors.

Competitive Advantage: The biggest advantage that AI and ML can provide for your business or brand is moving you ahead of the competition. The earlier your business moves to AI and ML practices, the stronger your systems and data points are going to be.

There are countless other benefits like scalability, decision making and cost reduction, but these systems are dependent on the data provided and time spent on them to make them efficient. Connect with us if you would like to know more about how to implement AI and ML in your organization.

(Digital Digest is a continuing series provided courtesy of the MPE Caribbean Report, which offers travel and tourism news weekly. It is published by US-based integrated marketing agency Marketplace Excellence, which has an office in Richmond Hill, Ont. www.marketplaceexcellence.com)